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Euless, Texas: Rising Home Values and Shifting Ownership Patterns Near DFW Airport
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Euless, Texas, a vibrant city located in the heart of the Dallas-Fort Worth metroplex, has experienced significant demographic and economic shifts over the past decade. Known for its diverse community and excellent quality of life, Euless has seen notable changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Euless has shown a gradual decline from 2013 to 2022. In 2013, 46% of residents owned their homes, but by 2022, this figure had dropped to 42%. This trend coincides with a substantial increase in average home prices. In 2013, the average home price in Euless was $150,201. By 2022, it had more than doubled to $347,457, representing a 131% increase over this period. This inverse relationship suggests that rising home prices may have contributed to the declining homeownership rate, as fewer residents could afford to purchase homes.
Federal interest rates have played a significant role in shaping homeownership trends in Euless. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates remained relatively stable at around 46%. However, as interest rates began to rise from 2017 (1.00%) to 2019 (2.16%), we observe a slight decline in homeownership rates. The sudden drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a further decrease in homeownership, likely due to economic uncertainties and rapidly increasing home prices during this period.
The rental market in Euless has shown a corresponding upward trend. The percentage of renters increased from 54% in 2013 to 58% in 2022. This shift aligns with the rise in average rent prices, which grew from $1,133 in 2013 to $1,314 in 2022, an increase of 16%. The population growth from 58,771 in 2013 to 68,190 in 2022 likely contributed to the increased demand for rental properties, supporting both the rise in renter percentages and average rent prices.
In 2023 and 2024, Euless has continued to see growth in average home prices, reaching $357,389 in 2023 and $364,760 in 2024. This represents a modest increase compared to the rapid growth seen in previous years. Interestingly, federal interest rates have risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in Euless.
Looking ahead, predictive models suggest that average home prices in Euless may continue to rise over the next five years, albeit at a more moderate pace. We can expect average home prices to potentially reach around $400,000 by 2029. Average rent prices are also projected to increase, potentially surpassing $1,500 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Euless has experienced a notable shift towards a renter-majority market over the past decade, driven by rapidly increasing home prices and changing economic conditions. The inverse relationship between homeownership rates and average home prices, coupled with the influence of federal interest rates, has shaped the city's housing landscape. As Euless continues to grow and evolve, these trends will likely play a crucial role in shaping its future housing market and community dynamics.
